2015 Recordkeeping Survey

Published in PLANSPONSOR June 2015

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By Total Defined Contribution Assets ($MM)
1Fidelity Investments$1,445,635
3Empower Retirement$416,313
4Aon Hewitt$394,058
6Voya Financial$352,173
7*Prudential Retirement$241,843*
8*Wells Fargo$217,500
9*Xerox HR Solutions, LLC$194,398
10*Principal Financial Group$173,267
11T. Rowe Price$146,439
12Bank of America Merrill Lynch$134,822
13John Hancock Retirement Plan Services$126,171
14Transamerica Retirement Solutions$125,323
15MassMutual Financial Group$120,810
16Charles Schwab$115,447
17Nationwide Financial$96,835
20ADP Retirement Services$59,553
Footnote: * Data has been revised since initial print publication in PLANSPONSOR magazine and reflects updates/revisions to the original data set.
By Total Defined Contribution Plans
1Paychex, Inc.68,000
2John Hancock Retirement Plan Services54,329
3Principal Financial Group51,020
4ADP Retirement Services47,605
5Voya Financial46,595
7American Funds40,551
8Nationwide Financial38,888
9MassMutual Financial Group32,981
11Fidelity Investments32,181
12Empower Retirement32,017
14Security Benefit28,533
15MetLife Resources28,216
16Lincoln Financial Group26,531
18Transamerica Retirement Solutions23,603
19Plan Administrators, inc. (PAi)13,768
20Alliance Benefit Group12,268
By Total Defined Contribution Participants
1Fidelity Investments17,609,747
2Empower Retirement7,072,543
3Aon Hewitt5,738,342
4Voya Financial4,886,469
5Principal Financial Group4,350,849
8Transamerica Retirement Solutions3,470,236
9Wells Fargo3,150,344
10John Hancock Retirement Plan Services2,729,652
11Xerox HR Solutions, LLC2,677,372
12Prudential Retirement2,604,192
13Bank of America Merrill Lynch2,599,522
14MassMutual Financial Group2,518,669
16Nationwide Financial2,192,118
17T. Rowe Price1,875,059
19ADP Retirement Services1,554,105
20Lincoln Financial Group1,400,314
By Increase in Assets (2014 vs. 2013)
1Empower Retirement89.7%
2John Hancock Retirement Plan Services55.0%
4Xerox HR Solutions, LLC42.1%
5Northwest Plan Services, Inc.33.1%
6American Trust29.3%
7BOK Financial29.3%
8JEM Resource Partners20.0%
9Ubiquity Retirement + Savings19.1%
10Security Benefit18.7%
Participants per Plan
1Xerox HR Solutions, LLC15,937
2Aon Hewitt11,057
4Bank of America Merrill Lynch1,931
5Charles Schwab1,083
6BMO Retirement Services1,039
7Wells Fargo812
8Milliman, Inc.783
10Prudential Retirement621
By Qualified Assets per Participant (actual $)^
1MetLife Resources$167,263
3Sentinel Benefits & Financial Group$101,837
5Charles Schwab$97,359
6*Prudential Retirement$86,358*
7*Fidelity Investments$81,587
9*T. Rowe Price$77,488
10*Kidder Benefits Consultants, Inc.$73,171
Footnote: ^Excludes nonqualified plan assets/liabilities.* Data has been revised since initial print publication in PLANSPONSOR magazine and reflects updates/revisions to the original data set.
Total Plans With <$10MM in Assets
1Paychex, Inc.67,800
2John Hancock Retirement Plan Services53,079
3Principal Financial Group48,482
4ADP Retirement Services46,908
5Voya Financial44,557
7American Funds40,044
8Nationwide Financial38,051
10MassMutual Financial Group31,171
Total Plans With $10MM – $100MM in Assets
1Fidelity Investments5,673
3Empower Retirement2,693
4Principal Financial Group2,335
5Voya Financial1,789
6MassMutual Financial Group1,685
7*Prudential Retirement1,437*
8*Wells Fargo1,420
9*Transamerica Retirement Solutions1,322
Footnote: * Data has been revised since initial print publication in PLANSPONSOR magazine and reflects updates/revisions to the original data set.
Total Plans with >$100MM in Assets
1Fidelity Investments1,627
4*Prudential Retirement408*
5*Empower Retirement372
6*Wells Fargo278
7T. Rowe Price249
8Voya Financial249
9Charles Schwab236
10Principal Financial Group203
Footnote: * Data has been revised since initial print publication in PLANSPONSOR magazine and reflects updates/revisions to the original data set.


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The questionnaire for the 2015 PLANSPONSOR Recordkeeping Survey—our 17th—was distributed to known providers of full-service and unbundled recordkeeping for both qualified and nonqualified defined contribution (DC) plans. A total of 66 responses were received before the survey deadline in May. All data reported on the pages that follow are as of December 31, 2014; comparable data from the prior year are as of December 31, 2013.

The survey questionnaire was designed to gather a wide range of information pertaining to each provider’s experience, services and capabilities. All information was self-reported; statements related to product/service offerings available to defined contribution plan sponsors were supplied by each individual provider and subject to PLANSPONSOR’s internal quality assurance reviews, where possible. Readers are strongly encouraged to follow up with providers directly for additional details on the scope of services available.

Providers are listed in alphabetical order, with “Asset rank” indicating the provider’s overall placement based on total recordkeeping assets under administration (AUA). Information included in each profile is a snapshot, highlighting some of the factors to consider when selecting a recordkeeping partner.                                                                                                                                 

Although the following tables supply a wealth of information, they contain just a fraction of each provider’s survey responses. To purchase an Excel spreadsheet providing the full dataset of responses from all 66 providers, please contact Michelle Judkins at To learn how to participate in our 2016 recordkeeping survey, please contact Brian O’Keefe at


 Provider Listing Key

• In some cases, unfunded nonqualified deferred compensation (NQDC) liabilities are reported as “assets.”

• Target-date fund (TDF) families reflect the number of retail target-date options available to plan sponsors; “all” is used to designate access to any fund available via the National Securities Clearing Corp. (NSCC) trading platform. Custom target-date funds may also be available and are excluded from counts.

• ERISA [Employee Retirement Income Security Act] counsel equals the number of full-time equivalent legal staff available to opine on ERISA legal issues when needed.

• Providers supporting 360-degree payroll integration accommodate direct, two-way communication of data with a payroll vendor to help simplify plan administration. The service may be available to “all clients”; available to “some clients” based on certain conditions; “planned” for release by mid-2016; or not available, in which case other processes are used to support payroll data exchange.

• Restrictions note common conditions for acceptance of new clients. Other requirements may apply. Please contact providers for more details.

• NR = Not reported in time for publication; NA = Not applicable.


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As a complement to our Defined Contribution Survey - which measures how satisfied DC clients are with their providers - our annual Recordkeeping Survey gives employers the chance to see exactly which products and services each provider offers, as well as listing information on total assets and overall client demographics. This survey, as opposed to the DC survey, is comprised of data collected from the providers themselves.